✈️NIS Updates Passport Tracker

Plus: 🛒Shoprite Launches BNPL Payment Option

Innovation Village
January 16, 2026

In partnership with

‘

TGIF☀️

Sending money in Nigeria is about to get a little more expensive. From January 19, bank and fintech transfer fees will attract a 7.5% Value Added Tax, a change that quietly alters the cost of everyday digital transactions millions of Nigerians rely on.

While the fee itself may seem small on a single transfer, its impact adds up—especially for individuals and businesses that move money frequently. Beyond the immediate cost implications, the policy raises broader questions about affordability, digital adoption, and how regulatory decisions shape behaviour in a cash-light economy that is still finding its balance between growth and inclusion.

Let’s dive in👇

Today’s Menu ☕️

✈️NIS Updates Passport Tracker With “Ready for Collection” Status
🏦Nigeria Adds VAT to Transfer Fees
🛒Shoprite Launches BNPL Payment Option
🤖Nigeria Moves to Regulate AI with New Law
🚗inDrive Launches In-App Ads in Nigeria

✈️TRAVEL

NIS Updates Passport Tracker With “Ready for Collection” Status

The Nigeria Immigration Service (NIS) has updated its passport tracking portal to clearly show when a passport booklet has been printed and is ready for collection. A new status—“PRODUCED (PASSPORT PRODUCED, READY FOR COLLECTION)”—now confirms that the physical passport exists, ending uncertainty caused by vague labels like “Processing” or “Production Queue.” The change responds to widespread complaints over long delays, poor communication, and rising passport fees. While the update improves transparency and reduces unnecessary visits to NIS offices, it does not address the underlying issue of slow passport production timelines.................….continue reading

🏦BANKING

Nigeria Adds VAT to Transfer Fees

Nigeria will begin charging a 7.5% VAT on bank and fintech transfer fees from January 19, 2026, increasing the cost of digital money transfers. The tax applies only to service charges—not the amount sent—and affects mobile apps, USSD transfers, and POS transactions. While the per-transaction increase is small, the government expects significant revenue due to high transaction volumes, sparking concerns about rising cumulative charges for consumers and agents................….continue reading

🛒RETAIL INDUSTRY

Shoprite Launches BNPL Payment Option

Shoprite has launched a Buy Now, Pay Later (BNPL) option in partnership with fintech PayJustNow, allowing customers to spread payments for purchases over three to 12 months, often interest-free. The service is available across major Shoprite Group brands and online platforms like Sixty60, targeting households facing cash-flow pressures amid rising living costs in South Africa. Positioned as a budgeting and financial-flexibility tool rather than traditional credit, the BNPL offering includes affordability checks and fixed repayment schedules. For Shoprite, the move signals a broader push into retail financial services while supporting financial inclusion in a market where credit card usage remains low................….continue reading

Introducing the first AI-native CRM

Connect your email, and you’ll instantly get a CRM with enriched customer insights and a platform that grows with your business.

With AI at the core, Attio lets you:

Prospect and route leads with research agents
Get real-time insights during customer calls
Build powerful automations for your complex workflows

Join industry leaders like Granola, Taskrabbit, Flatfile and more.

👉Try Attio Pro for free

🤖ARTIFICIAL INTELLIGENCE

Nigeria Moves to Regulate AI with New Law

Nigeria plans to introduce a landmark law to regulate artificial intelligence through the National Digital Economy and E-Governance Bill, expected to pass by March. The bill establishes a risk-based framework with stricter oversight for high-risk AI systems used in areas such as finance, surveillance, and public administration. Developers will be required to file annual impact assessments, while penalties for non-compliance could reach ₦10 million or 2% of local revenue. The legislation aims to close regulatory gaps, promote transparency and accountability, and guide responsible AI adoption without stifling innovation.............….continue reading

🚗RIDE-HAILING SERVICE

inDrive Launches In-App Ads in Nigeria

inDrive has rolled out in-app advertising in Nigeria as part of a strategy to diversify revenue beyond ride-hailing commissions. Launched quietly in November 2025 and powered by Bookings.com, the ads appear during wait times and trips, leveraging high user engagement. The move mirrors a broader trend among gig and mobility platforms seeking higher-margin income streams amid profitability pressures. However, the rollout comes as Nigerian drivers raise concerns over rising deductions and income pressure, highlighting the challenge of balancing new monetization efforts with driver relations............….continue reading